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BASIC CIRCULAR FLOW

A diagram that shows the

relationship of the different

economic players, their interaction

and the flow of goods/services.

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expenditure

income

household

Goods and

services

Factors of

production

Firm

Financial

Institution

Government

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Population, by Region

Census Years 1990, 1995, 2000 and 2007

Area 2007 (Aug 1) 2000 (May 1) 1995 (Sep 1) 1990 (May 1)

Philippines 88,574,614 a1/a2/ 76,504,077 b1/b2/ 68,616,536 c/ 60,703,206

National Capital Region 11,553,427 9,932,560 9,454,040 7,948,392

Cordillera Administrative Region 1,520,743 1,365,412 1,254,838 1,146,191

Ilocos Region 4,545,906 4,200,478 3,803,890 3,550,642

Cagayan Valley 3,051,487 2,813,159 2,536,035 2,340,545

Central Luzon 9,720,982 8,030,945 6,932,570 6,199,017

Southern Tagalog - - - 8,263,099

IVA- Calabarzon 11,743,110 9,339,618 7,750,204

IVB - Mimaropa 2,559,791 2,299,229 2,033,271

Bicol Region 5,109,798 4,686,669 4,325,307 3,910,001

Western Visayas 6,843,643 6,211,038 5,776,938 5,393,333

Central Visayas 6,398,628 5,706,953 5,014,588 4,594,124

Eastern Visayas 3,912,936 3,610,355 3,366,917 3,054,490

Western Mindanao 3,230,094 2,831,342 2,567,651 2,459,690

Northern Mindanao 3,952,437 3,505,708 3,197,059 2,197,554

Southern Mindanao 4,156,653 3,676,163 3,288,824 4,006,731

Central Mindanao 3,829,081 3,222,169 2,846,966 2,032,958

ARMM 4,120,795 2,803,045 2,362,300 1,836,930

Caraga 1/ 2,293,480 2,095,367 1,942,687 1,764,297

Filipinos in PhilippineEmbassies/Consulates and MissionsAbroad

2,279 2,851 2,830 5,212

Source: National Statistics Office.

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Employed Persons by Major Industry GroupJanuary 2008 - October 2010

(in thousands)

Industry GroupOct

2010Jul

2010Apr

2010Jan

2010Oct2009

Jul2009

Apr2009

Jan2009

Oct2008

Jul2008

Apr2008

Jan2008

Total 36,488 36,237 35,413 36,001 35,478 35,508 34,997 34,262 34,533 34,593 33,535 33,693

Agriculture 12,265 12,244 11,512 11,806 12,072 11,940 12,313 11,846 12,320 12,103 11,904 11,792

Agriculture, Hunting and Forestry 10,769 10,760 10,073 10,351 10,563 10,476 10,841 10,446 10,860 10,695 10,450 10,409

Fishing 1,496 1,484 1,439 1,455 1,509 1,464 1,472 1,400 1,460 1,408 1,454 1,383

Industry 5,375 5,409 5,487 5,322 5,154 5,273 5,088 4,856 5,078 5,130 5,000 4,981

Mining and Quarrying 197 194 212 193 169 177 166 152 176 154 151 152

Manufacturing 3,058 3,003 3,063 3,009 2,937 2,947 2,841 2,849 2,897 2,960 2,883 2,963

Electricity, Gas and Water 163 141 137 157 160 145 130 134 123 146 123 126

Construction 1,957 2,071 2,075 1,963 1,888 2,004 1,951 1,721 1,882 1,870 1,843 1,740

Services 18,550 18,585 18,414 18,872 18,250 18,294 17,595 17,560 17,135 17,360 16,630 16,919

Wholesale & Retail Trade, Repair ofMotor Vehicles, Motorcycles &

Personal & Household Goods

7,158 7,030 6,885 7,064 6,901 6,725 6,681 6,635 6,528 6,599 6,322 6,333

Hotels and Restaurants 1,119 1,037 991 1,104 1,012 1,064 976 988 941 984 924 964

Transport, Storage andCommunication

2,711 2,704 2,741 2,735 2,735 2,694 2,628 2,660 2,587 2,525 2,575 2,674

Financial Intermediation 412 420 383 384 375 376 389 337 373 369 366 364

Real Estate, Renting andBusiness Activities

1,239 1,166 1,061 1,119 1,100 1,090 1,023 1,044 985 969 953 904

Public Administration & Defense,Compulsory Social Security

1,771 1,835 1,959 1,823 1,771 1,772 1,794 1,659 1,690 1,741 1,661 1,612

Education 1,165 1,238 1,156 1,146 1,168 1,157 1,068 1,157 1,096 1,076 1,028 1,083

Health and Social Work 465 457 447 432 412 428 408 435 406 386 384 390

Other Community, Social &Personal Service Activities

855 866 984 949 868 876 907 857 796 847 843 846

Private Households withEmployed Persons

1,954 1,831 1,804 2,114 1,908 2,110 1,718 1,785 1,733 1,863 1,572 1,747

Extra-Territorial Organizations &Bodies

1 1 3 2 0 2 3 3 * 1 2 2

Source: National Statistics Office (NSO).

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Labor Supply

Economics is the study of how people use

their scarce resources in an attempt to satisfy

their unlimited wants and needs.

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3 USES OF TIME

Market work

selling your time in the labor market

Nonmarket work

using time to produce your own goodsand services.

Leisure

using your time in nonwork pursuits

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Wages and Individual Labor Supply

Substitution and Income Effects

Backward-Bending Labor Supply Curve

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Backward-Bending Labor Supply Curve

0

2

4

6

8

10

12

14

16

20 30 40 48 55 60 58 55

Series 1

Column2

Column1